Greek Prime Minister George Papandreou during January's Annual Meeting 2011 of the World Economic Forum in Davos, Switzerland. (World Economic Forum)

Taking the mild victory in stride, Papandreou announced intentions to form a coalition government just hours after word came of the favorable vote, CNN reported Saturday. The prime minister seems hellbent on getting a championed bailout package passed, saying these were "critical times" for the country to find a solution to its debt crisis.

The proposed package to help Greece avoid default would clear 100 billion euros of debt, but would do so by cutting government jobs, reducing pensions and privatizing some businesses.

Rallying support for the proposal has not been an easy feat. These austerity measures, which experts say could deepen Greece's recession, have prompted hostile demonstrations from the country's citizens. But if Greece does default on its debts, borrowing costs for other countries would "skyrocket," potentially throwing the rest of the world into another banking crisis.

The country's other leading groups appear to have little sympathy for Papandreou's place in the predicament. Greece's New Democracy party is pushing for snap elections and has said it will not join a Papandreou-led coalition, according to BBC News. New Democracy leader Antonis Samaras said the prime minister is "dangerous for Greece," and called for his resignation.

But as the BBC reported, Papandreou won't go quietly, continuing his campaign for the "vital" EU bailout.

Mr Papandreou says early elections would be "catastrophic" for Greece, and the bailout must be agreed first.

Without the bailout funds, Greece may go bankrupt before the end of the year.

Mr Papandreou said he had gone to the presidential palace on Saturday to inform (Greek president) Mr Papoulias of his "intention to contribute decisively to the creation of a government of the widest possible consensus".

That government must have as its focus the ratification of the agreement reached by EU leaders on 27 October, he said.

That hard-fought package offers loans and debt reduction in exchange for drastic spending cuts and austerity measures.

"These are critical times. In the immediate future the necessary process will begin to form the widest possible consensus government," said Mr Papandreou.

CNN also noted the prime minister's desperation for some kind of action to save Greece.

During the hours of debate ahead of the confidence vote in Athens, Papandreou reiterated an appeal for approval of the international bailout package that the country has been offered, calling it "a huge chance, and perhaps the last one, to rebuild a country with new and strong foundations."

Papandreou insisted that he has no great desire to maintain his grip on power.

"The last thing I care for is the chair," he said. "I don't care if I never get elected again."

He defended his leadership, accusing previous governments of miring the Greek economy in debt. "Those days, you could borrow money easily, and now that's why the Greek people have to pay back for it," he said.

Papandreou said he now wanted "to turn the page over and move forward."

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